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A new regime has been introduced from 2013-14 for sole traders and partnerships with an income no greater than the VAT threshold. Under this regime, these small businesses may elect to calculate taxable profits on a cash basis rather than in accordance with generally accepted accounting principles.

Before they make an election for the cash basis treatment to apply, clients need to understand the consequences and their professional advisers need to know what recommendations to make.

Around three million businesses will be affected by this change but there has been widespread concern that the new rules are more complicated than they needed to be. This book brings clarity to the topic by bringing together in-depth commentary from an expert author, the legislation and HMRC guidance.

Why buy CCH Cash Basis for Small Businesses?

Helps to clarify the issues that would influence a cash basis election.
Provides a sound foundation for offering advice to clients.
Offers an introduction to, and explanation of, the brand new tax regime for small businesses.
The only single source of reference offering clarity on the new cash basis rules.
Covers a topic of vital interest to accountants with smaller, unincorporated clients.